Sensata Technologies to acquire Sensor-NITE for $325 million
16 Jun 2011
Sensata Technologies Holding N.V., the Netherlands-based sensor and control manufacturer yesterday said that it will acquire Sensor-NITE Group Cos from Elex Group for €225 million ($325 million), to add Sensor-NITE's high-temperature sensors used in diesel and other gasoline engines to its portfolio.
Tessenderlo, Belgium-based Sensor-NITE, formed in Belgium in 1996, is a leading supplier of high temperature exhaust gas sensors for the automotive industry.
Its sensors are used for exhaust gas temperature monitoring in exhaust gas recirculation systems, diesel particulate filters, selective catalytic reduction, turbocharging systems, oxidation catalysts, NOx traps, and fuel reformers.
It has manufacturing facilities in Sofia and Botevgrad, Bulgaria and had posted sales of about $135 million in 2010.
"Sensor-NITE's leading market position, competitive cost structure and differentiated technology set it apart from its competitors and is an ideal fit with Sensata's core Sensors business. This combination will provide a new technology platform and strong growth opportunities in powertrain systems we currently serve," said Tom Wroe, Sensata Technologies chairman and CEO.
"This is clearly a win for both businesses as Sensor-NITE will now have the opportunity to expand its reach as we jointly leverage Sensata's global footprint and worldwide customer base to address the increasing demand for cleaner emissions around the world," said Sensor-NITE CEO, Chris Baerts.
Sensata Technologies, which was a unit of Texas Instruments before it was sold in 2006 for $3 billion to a group of private-equity investors that includes Bain Capital, is one of the world's leading suppliers of sensing, electrical protection, control and power management solutions.
Employing approximately 11,500 people in 9 countries, Sensata's products are used in automobile, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications, recreational vehicle and marine applications.
The company posted net income of $130 million on revenues of $1.5 billion last year with nearly half of its sales generating in the Americas.
